The American Association for Long-Term Care Insurance (AALTCI) has produced a new consumer guide for the consumers who most likely will need long-term care insurance—women. 

The eight-page booklet, “A Woman’s Guide to Long-Term Care Insurance Protection,” covers the long-term care issues many women will face and discusses their available options.

According to Jesse Slome, executive director of the AALTCI, the guide is clearly aimed at the demographic group most in need of long-term care, because two-thirds of all long-term care insurance benefits result from the care needs of women.  “Women also tend to be the ones who initiate the long-term care planning discussion and often are the decision maker when it comes to purchasing long-term care insurance,” he said.

Many statistics support the fact that women must think about their need for long-term care insurance at some point. Consider:

• Women over the age of 65 comprise 980,000 nursing home residents in the United States, compared with 337,000 men over age 65 who are in nursing homes.
• Women are far more likely to suffer from Alzheimer’s disease, which is the single greatest reason for long-term care, and the costliest.
• Two-thirds of all insurance benefits are paid to women—41 percent to single women and 25 percent to married women. Conversely, single men account for just 12 percent of claim benefits, and married men for 22 percent.

The guide also addresses critical planning considerations for both women who have spouses or partners and for women who live alone.  As Slome points out, each has specific planning needs and issues.

“Married women face a likelihood of providing care for their spouse, who typically is older, or facing a very significant annual bill for care,” he said. “And women who live alone lack the spouse or extended family members to assist with care giving.” 

Copies of the guide can be viewed on the AALTCI Web site and are available for purchase by insurance and financial professionals.